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"Roadmap" for the harmonization of the legislation of the EAEU countries in the oil sector will be adopted by the end of 2020

"Roadmap" for the harmonization of the legislation of the EAEU countries in the oil sector will be adopted by the end of 2020

8/28/2020
At a meeting on August 27, members of the Advisory Committee on Oil and Gas under the EEC Board discussed the "road map" for harmonizing the legislation of the states of the Eurasian Economic Union in the oil sector. The parties agreed with the draft document and made an agreed decision on its further consideration at the EEC Council and the Supreme Eurasian Economic Council. It is planned that the document will be approved by the end of 2020. 

The preparation of the "road map" is envisaged by the Program for the formation of common markets for oil and oil products of the Union. It is assumed that the harmonization of legislation will include, among other things, ensuring market mechanisms for trading in oil and oil products between participants in common markets and the application of general principles and methods of tariff setting in relation to services for the transportation of oil and oil products within common markets. 

The meeting participants also discussed the progress of work on the draft Agreement on the formation of common markets for oil and oil products in the EAEU and the implementation of the activities to be conducted at the first stage of forming the common gas market of the Union. 

In addition, issues of preparing the procedure for the implementation of exchange trading in gas and uniform rules for access to gas transportation systems located in the territories of the Union states, and other topics were considered. 

Emil Kaikiev, the EEC Minister for Energy and Infrastructure,  emphasized that the formation of common oil and gas markets is one of the strategic directions of the Union's development. The Commission, together with the member states, is intensively working on the implementation of action plans for the formation of common markets. 

For reference:

The Oil and Gas Advisory Committee was established by Decision of the EEC Board dated June 28, 2012 No. 195. It includes representatives of public authorities and state organizations of all countries of the Union. The Committee is chaired by the EEC Minister for Energy and Infrastructure. 

The main tasks of the committee are to consult with representatives of public authorities and state organizations on cooperation in the oil and gas sector, prepare recommendations, participate in the improvement of international treaties within the Union and acts of the Union bodies in the oil and gas sector, etc.